Monthly Budget Review: Summary for Fiscal Year 2020

United States Department of the Treasury Building, Washington DC

In fiscal year 2020, the federal budget deficit totaled $3.1 trillion—more than triple the shortfall recorded in fiscal year 2019. The deficit in 2020 was equal to 14.9 percent of GDP, up from 4.6 percent in 2019 and 3.8 percent in 2018.

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Corrections and Updates

On December 10, 2020, CBO reposted this report to correct three values related to October 2020 outlays.